Adani-Hinderburg row: Expert panel submits its findings to Supreme Court [10.5.2023]

The six-member expert panel set up by the Supreme Court (SC) to look into the Adani-Hindenburg row has submitted its report in a sealed cover to the court on May 8. People aware of the development have said that the matter is due for a hearing on May 12 before Chief Justice of India (CJI) DY Chandrachud.

There is little clarity if the committee has completed its investigation into the matter. Notably, the Supreme Court had pointed out a set of issues to be investigated in its order issued on March 2.

It is a possibility that the committee asks for more time to delve deeper to find the details of the matter.

The SC had asked both the committee and the Securities and Exchange Board of India (Sebi) to conclude their findings and submit reports within two months.

However, on April 29, Sebi requested the apex court a time of six months for a thorough investigation into allegations of financial fraud and stock manipulation levelled against the Adani Group by US-based Hindenburg Research.

The expert panel looking into the matter is chaired by former SC judge A M Sapre. Apart from this, former bankers K V Kamath and O P Bhatt, Infosys co-founder Nandan Nilkeni, securities lawyer Somasekhar Sundaresan and retired high court judge J P Devdhar are other members of the expert panel.

Adani Group's stocks had taken a beating on the stock exchanges after Hindenburg Research made a series of allegations against it. The allegations included fraudulent transactions and share-price manipulation. The Gautam Adani-led group dismissed the charges as lies and asserted it complies with all laws and disclosure requirements.

10 May 2023